Cyndi Trostin Blog Articles

Cyndi Trostin Test Word –> Elementor

Everyone can Now Take a Charitable Deduction on Their Taxes Since the last tax law was passed at the end of 2017, nearly nine in 10 taxpayers now take the standard deduction on their income tax return and are no longer able to claim a charitable deduction for donations made to qualifying charities.   Now, under the CARES Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020, individuals who take the standard deduction can now claim a deduction of up to $300 for cash contributions made to qualified charities in 2021.  Married couples can deduct up to $600.    Therefore, as you begin to put together your tax documents to file your 2021 tax return, double check your charitable contributions for the year as you may be eligible for an additional tax deduction when you file.   If you have any questions about tax and estate planning, please feel free to contact Glick and Trostin, LLC at 312-346-8258.   Disclaimer: The materials on this website are provided for informational purposes only and do not constitute legal advice.  Transmission of the information is not intended to create, and receipt does not constitute, an attorney-client relationship between any attorney and any other person, group, or entity. No representations or warranties whatsoever, express or implied are given as to the accuracy or applicability of the information contained herein.  No one should rely upon the information contained herein as constituting legal advice.  The information may be modified or rendered incorrect by future legislative or judicial developments and may not be applicable to any individual reader’s facts and circumstances.

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Do You have Unclaimed Property?

Finding money in a coat pocket is always a nice surprise, but what if you found that you could search the internet to locate lost assets?  Most states have an unclaimed property website that allows you to search your name to determine whether you may have property that the state is holding for you. Illinois is currently holding $3.5 billion in abandoned assets that are unclaimed by its residents.   It is a good practice to check every year or two with your state to see if you may have unclaimed property in the state where you currently or previously lived.  Many times when you move, checks are sent to your old address.  If the payor is not aware that you moved, the funds are eventually deposited with the state as unclaimed property.   You may also find assets that may have been held by loved ones who have passed away. This is one of the most common reasons for unclaimed property to go to the state when someone dies and accounts are abandoned.  As estate planning attorneys, we perform a search frequently for estates that we have handled to make sure we did not miss anything when administering an estate.   What is unclaimed property?   Common types of unclaimed property include: checking and savings accounts, uncashed wage and payroll checks, uncashed stock dividends, and stock certificates, insurance payments, utility deposits, customer deposits, accounts payable, credit balances, refund checks, money orders, traveler’s checks, mineral proceeds, court deposits, uncashed death benefit checks, and life insurance proceeds.   In most states, you can file a claim form to reclaim your property.  The claim form will tell you which documents you will need to provide to make a claim.   The following are a few websites for unclaimed property if you live or have lived in these states.   Illinois   Wisconsin   Minnesota   Iowa   Indiana   If you have any questions about tax and estate planning, please feel free to contact Trostin, Kantor & Esposito LLC at 224-529-0500.   Disclaimer: The materials on this website are provided for informational purposes only and do not constitute legal advice.  Transmission of the information is not intended to create, and receipt does not constitute, an attorney-client relationship between any attorney and any other person, group or entity. No representations or warranties whatsoever, express or implied are given as to the accuracy or applicability of the information contained herein.  No one should rely upon the information contained herein as constituting legal advice.  The information may be modified or rendered incorrect by future legislative or judicial developments and may not be applicable to any individual reader’s facts and circumstances.

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